India’s goods exports went up by 7.2% in July to $37.2 billion, ending a two-month drop. However, imports grew even faster — by 14.7% to $64.6 billion — which pushed the trade deficit (the gap between imports and exports) to $27.4 billion, the highest since November last year.
Exports of petrol, diesel, and jet fuel dropped by 25% to $4.3 billion, but this was balanced out by strong growth in other sectors like:
- Electronics – up 34%
- Gems & Jewellery – up 29%
- Engineering goods – up 14%
- Pharmaceuticals – up 14%
Part of the export jump may have been because of early shipments to the US before new reciprocal tariffs were applied. However, there was no clear trend in the April–July data. In the first four months of the financial year, exports to the US rose 21.6% to $33.5 billion.
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Commerce Secretary Sunil Barthwal said that despite a tough global trade environment, India’s exports of both goods and services have grown strongly in July and so far this year — much faster than the global average.
